Strong high-end helps keep contract activity steady.

Prices increase despite much-needed inventory expansion.

Contract activity was nearly level versus last year, declining by a minimal 1%.

• While sales under $1M declined 8% year-over-year, sales over $1M increased by 8%.
• The over $3M segment had a particularly large annual increase in activity, up 55% versus a year ago.
• With 17 deals, this was the second-strongest month for $3M+ sales in Brooklyn in two years. Contracts signed increased in three of eight submarkets, with one showing unchanged activity.
• Carroll Gardens/Boerum Hill/Red Hook had the largest nominal year-over-year increase, a difference of eighteen sales. Days on market fell 13% annually, helped by condos selling much faster than a year ago.

Active listings rose by 12% year-over-year, the 11th consecutive month without declining inventory in Brooklyn. However, the number of listings was still the second lowest inventory for March in at least eight years.

• Average price per square foot rose by 5%, the sixth month in a row with an annual gain; condo and co-op price figures increased.
• Several transactions traded for more than 10% above last ask, pushing overall average negotiability above ask.
• Condo negotiability landed just above ask for only the second time in a year-and-a-half.